This leaves Ongpin’s nephew Eric Recto in full control of the bank. In May, Recto was named as chair of the bank albeit Ongpin who was then still co-chair.

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Recto sits on PBCom concurrent to his post as president of oil refiner Petron Corp.

Ongpin is currently in the midst of a legal battle against the new board of the state-owned Development Bank of the Philippines due to alleged anomalous lending transactions to the former during the previous administration.